Search Results for: vdp
The New IRS Voluntary Disclosure Practice: Not a Good Deal for Noncompliant Taxpayers
of cooperation. The VDP was announced via an IRS memorandum, not through the IRS website. The new VDP does not offer the finality and certainty that many noncompliant taxpayers wish…
IRS Updated Voluntary Disclosure Practice is a Game-Changer
Last week the IRS released a memorandum with new procedures for an “Updated Voluntary Disclosure Practice” impacting all voluntary disclosures. The new updated voluntary disclosure practice (VDP) is a game-changer…
Another Bank Discloses Accountholders: Credit Suisse to Turn Over U.S. Account Data
…to file a traditional voluntary disclosure via the IRS VDP program that would allow them to avoid potential criminal prosecution. In February 2009, UBS AG, the biggest Swiss bank, avoided…
Fifth HSBC India Customer indicted for tax evasion this year
…persuade offshore accountholders who cannot decide whether to disclose past foreign account noncompliance to the IRS via the IRS Voluntary Disclosure Practice (VDP) program, which remains in effect after OVDI’s…
Another Foreign Bank Charged by U.S. Department of Justice
…involved with the foreign banks in OVDI and VDP disclosures to avoid future possible complications and prosecution. The new indictment cites 15 clients, without identifying them, who allegedly used Casadei…
HSBC India Customer New Indictment Uncovers More HSBC Details
…(VDP) program, which remains in effect after OVDI’s expiration, for protection against civil (and criminal) penalties. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax,…